- OKX has announced its own native Ethereum Layer 2 protocol called X1
- The exchange partnered with Polygon Labs to create X1, a high-performance, secure network geared towards developers.
- OKX is the latest exchange to develop its own blockchain following the likes of Binance and Coinbase
Crypto exchange OKX has announced its own native Ethereum Layer 2 protocol, called X1, which it says will “drive the future of Web3”. OKX teamed up with Polygon Labs for the project and yesterday jointly unveiled the testnet for X1, a high-performance, secure network geared towards developers. The development makes OKX the latest exchange to develop its own blockchain following the likes of Binance and Coinbase, the latter of which has seen great success with its Base protocol this year.
ZK Proofs Offer Scalability, Speed, and Low Costs
OKX said in announcing X1 that it aims to use it to shape the future of Web3 by fostering collaboration across DeFi, enterprise, and other sectors. The collaboration positions OKX as a key contributor to Polygon CDK, with a substantial investment in engineering resources to enhance Ethereum scaling solutions. X1 will also connect over 50 million users with the Polygon and Ethereum communities.
X1 employs ZK proofs for enhanced security, scalability, and reduced transaction costs, making it compatible with Ethereum for deploying DApps seamlessly and securely connecting with various smart contracts, wallets, and tools. OKX added that the development underscores the commitment of both itself and Polygon Labs to advancing blockchain technology and fostering a thriving Web3 ecosystem. The exchange’s native native token, OKB, will facilitate gas fee payments.
OKX Joins the Party
Binance got the proprietary blockchain bandwagon rolling when it launched Binance Chain in 2020, but it has taken a while for other major exchanges to follow suit. Coinbase announced its own Base blockchain this August, leading to a summer of crazy gains from projects that launched on it.
OKX will be hoping for a similar level of success, with OKX Chief Innovation Officer Jason Lau calling X1 a “key pillar of our efforts to educate and bring our users onchain and into the world of Web3.”